Hospitality Management
Social Media
Public Relations
Content Creation
Extended-Stay Hotels Must Analyze Markets & Embrace Flexible Options for Sustained Growth
The extended stay hotel market, once riding high on unprecedented growth, has recently faced a dip in occupancy rates. This downturn marks a significant shift from the robust expansion observed over the past years, driven by a surge in guests who preferred longer stays due to various economic and lifestyle factors. Despite this, the luxury hotel sector is on an upswing, capturing the interest of travelers looking for high-end accommodations and services.
How can extended-stay hotels adapt to shifting market dynamics and maintain their competitive edge in a fluctuating economy?
Hotel industry expert, Sarah Dandashy emphasizes the importance of understanding market longevity and accurately identifying target consumers. By recognizing who their market is, operators of extended-stay hotels can leverage their inherent advantages like lower operational costs and the potential for stable revenue, even during economic downturns.
“But the big thing for consideration for hotel owners, especially if they’re going to be operating extended stay hotels, is the longevity and also understanding the actual market and knowing are you in the market for these sorts of consumers,” Dandashy explains.
Article written by Sonia Gossai
Recent Posts
The world is emerging from the constraints of the pandemic and travel habits and consumer expectations have noticeably shifted, reshaping the hotel and hospitality industry landscape. Americans, in particular, are not only returning to travel but are increasing the frequency of their trips, reflecting a robust rebound in leisure and business travel experiences. This […]
How are hotels and resorts responding to the adoption of EVs, which hit roughly 10% of the global market in 2022? There is a lot of opportunity for the hospitality industry to increase EV charging at hotels and resorts, and give travelers another reason to seek their establishment out over the competition. Business and […]
Calls for adults-only flights are ramping up. A recent survey conducted by Photo Aid revealed that more plane travelers would prefer the option of a flight only for adults. The case for adults-only flights has been ongoing for over a decade now, per ABC News, but continued online discussion is reigniting significant interest in the […]